Is it possible for a contract on a home purchase be declined because it’s too high?
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Is it possible for a contract on a home purchase be declined because it’s too high?
There is a property shortage and a price war. When we put a contact on a home they say we loose the house because we are too high or too low. How are we supposed to buy a house this way? We are already pre-approved for the loan as well.
Asked on May 4, 2017 under Real Estate Law, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
IF the contract was already accepted, it cannot be subsequently refused or declined for this reason: a contract, once accepted, is binding. However, if it was not accepted, then it could be refused for this or essentially any reason: the law gives residential real estate sellers enormous discretion in terms of what offers to accept (or not), and they can decline offers for any reason at all, even silly or stupid or factually unsupported ones.
The only exception to the above: they can't discriminate against you due to your race, religion, national origin, sex, or disability. If you believe the refusal was really for one of these reasons, contact HUD about possibly filing a housing discrimination complaint.
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